Knowledge Sourcing Intelligence announces the publication of a new report on “Global Dumper Truck Market - Forecasts from2020 to 2025" to their offering.
Dumper trucks are those trucks that are widely used in the construction or mining sector for handling the dump. The market for dumper trucks is projected to grow on account of the growing construction activities in both developed and developing economies around the globe.
According to the report, the Global Dumper Truck Market is projected to increase at a nominal CAGR in the coming years.
Growing Construction Industry
The global market for dumper trucks is poised to witness a nominal growth throughout the forecast period. The major factors bolstering the demand for dumper trucks is the inclining focus of the governments of various countries towards the development of commercial infrastructure due to impressive economic growth. The growing construction sector across the globe on account of rising disposable income and rising government initiatives to boom the residential construction and infrastructural development owing to the improving economic conditions are expected to be the key drivers to amplify the demand for dumper trucks significantly in the coming years. Several initiatives by the governments of various countries such as Saudi Vision 2030 and UAE Vision 2021 along with the smart cities mission by the government of India are considered to be some of the key factors augmenting the activities across the construction sector throughout the globe, thereby playing a significant role in shaping up the global dumper truck market growth over the next five years. Also, rapid urbanization and industrialization result in continuous infrastructural developments which is expected to push the demand for these trucks. Apart from this, the renting of construction machinery has also grown significantly which shows the growth in the construction market resulting in increased demand for these trucks, which has also played a significant role in shaping up the global dumper truck market growth. However, the market is expected to be restrained by the fact that these trucks have a long lifespan which would act as a restraint as fleet owners would not require new trucks. Also, the recent advent of COVID-19 has also led to a temporary suspension in the construction activities across several countries which is also anticipated to inhibit the demand for several types of construction machinery, thereby hampering the growth to some extent, especially during the short run.
The global dumper truck market has been segmented on the basis of type, end-user industry, and geography. On the basis of type, the classification of the market has been done into articulated and rigid. By the end-user industry, the market has been segmented on the basis of mining and construction. Geographically, the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By type, rigid trucks are expected to hold a substantial market share throughout the next five years on account of the high adoption of these trucks in the construction sector. The articulated trucks are majorly adopted in the mining industry, thus, the growing mining sector is driving the market growth of this segment throughout the course of the next five years.
Geographically, the Asia Pacific region is expected to hold a substantial market share throughout the course of the next five years. Rapid urbanization and industrialization in the major emerging economies such as India and China among others are the major factors supporting the significant share of the APAC region in the global dumper truck market.
The major players covered as part of the report are Tata Motors, Caterpillar, BEML Limited, ASHOK LEYLAND, and Scania AB among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-dumper-truck-market
This report has segmented the global dumper truck market on the basis following terms: